To comply with the FATF R.16 Travel Rule, an originator VASP is required to share the mandatory information provided by the originator user (your customer) with the beneficiary VASP. This process is initiated by a transfer request sent from the originator user.
Receive transfer instruction
Your customer provides the beneficiary virtual asset address and Travel Rule-required information in the Sygna Bridge VAAI VAAI (Virtual Asset Account Information) system on your withdrawal page.
Check your user compliance status
If you have existing AML and compliance checks or any other means of security filtration for a withdrawal request, please follow your original workflow.
Identify the type of the beneficiary wallet address
Confirm the VAAI is included in the transaction details provided by your originator customer. If VAAI does not exist, please ask your customer to provide the beneficiary name or use our optional service, Wallet Address Filter API Bridge/KYT to identify the type of beneficiary wallet address with VASP or unhosted wallets.
Authenticate Beneficiary VASP
Check the validity of the beneficiary VASP code with the Sygna Bridge public key through Bridge/VASP API to confirm whether or not the given beneficiary VASP code is certified by Sygna Bridge.
Encrypt Private message with Beneficiary VASP public key
Use the beneficiary VASP public key obtained from the Sygna Bridge API Bridge/VASP to encrypt the customer’s private information.
Generate Permission Request message
Collect and generate the required message for the Bridge/PermissionRequest API.
Generate message signature with Originator VASP private key
Use your own VASP private key to construct a signature of the Bridge/PermissionRequest that includes the encrypted customer’s private information and the transaction data.
Send Permission Request message
Post the signed Bridge/PermissionRequest to the Sygna Bridge.
Forwarding execution data
Sygna Bridge then forwards the signed “Permission Request” to the beneficiary VASP.
Updated over 2 years ago